The crisis in mortgage lending and the anger that followed the robo-signing scandal has become a crisis of paper. There are lots of new laws and government guidance that all say some version of the same thing—mortgage lenders have to be wary of how their third-party service providers are following rules designed to protect consumers, or the lender may find itself in noncompliance.

"Complying with multiple regulations in multiple states is an issue for all credit products, not just mortgages. Dodd-Frank and the CFPB are directly involved here as consumers are affected," says Christine Pratt, a senior analyst at Aite Group.

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